Floating pound
Sir: Let's give credit where credit is due: the floating pound hs done it fir last even if it had almost sunk out of sight in the process. The pressures of external discipline, from which the floating pound was supposed to liberate us for good, have finally stirred the Government into action where all else had seemingly failed.
The next step, having (we hope) put our house in order, must surely be to follow the example of the French who, after withdrawing from the European "snake" of jointly floating currencies, have just reopened it at the same parity as before and to recognise, regardless of the desirability or otherwise of European economic and monetary union, that safety in numbers is best. To encourage it along the path of greater self-discipline on which it Is now embarked, the Government should therefore declare its intention to abandon its predecessor's disastrous albeit in the end mercifully compelling experiment of independent floating and, in due course, to join forces with others equally resolved to keep their heads above water.
W. Grey 12 Arden Road, Finchley, London N3
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